Company of Young Professionals Development Series – Negotiating to win with Shane Gibson

Date: November 18, 2014

Name: Company of Young Professionals Development Series – Negotiating to win with Shane Gibson

Presenter: Shane Gibson

Negotiation is one of the important skills all business needs to develop. The ability to negotiate can impact the performance and the outcome of business strategy. Young entrepreneurs can get confidence through negotiation and sustain long positive relationship with their customers and partners. Shane Gibson, the international speaker and the author on social media marketing, will share his view and strategies to help young entrepreneurs to develop their communication. He is also the co-founder of the Langara College Online Professional Sales Certificate Program. This seminar will improve young entrepreneurs’ negotiation process.

Gibson underlines negotiator is a high paid job and high paid skill. The best negotiator will walk away feeling win for both sides. Negotiation is like selling. It is about creating an environment where an act of faith can take place. At the end of the day, it is all faith. This is built by trust and creditability.

The goal of negotiation is to leave the other person feeling like they have won. In fact, Gibson believes it is to set it up and let everyone feel they win. This will create the impact for others to see negotiators as friends and trustworthy.

Gibson emphasizes more than 80% of people’s time are negotiating. Negotiation starts anytime when there is an exchange or agreement. Like closing in sales, it is a process not an event. Moreover, this can be described as a cycle with no definite beginning or end.

8 Key ingredients of principle based negotiation

Gibson will share the 8 key components of an effective negotiations process.

Key Ingredient # 1: Preparation

Young entrepreneurs should identify what they can accept. They need to know their best alternative to a negotiated agreement (BATNA). In addition, they need to research multiple sources and brainstorm all possible objections. It is important to create a list of concessions that can be given during the negotiation. This tool that can create closer relationship with clients.

Key Ingredient # 2: Set your terms

Young entrepreneurs need to know the location where they are meeting. The timing and the mediums they use in the meeting. Research the background on the attendees and figure out the strategy to approach these attendees. Moreover, young entrepreneurs need to determine if there are mediators or 3^rd parties involve.

Key Ingredient # 3: Focus on Interest

Gibson indicates there are almost always multiple positions to satisfy a set of interest. It is important to figure the other parties’ interests and use it as a part of agreement. Gibson wants young entrepreneurs to know the power is the ability to take action and the more options people have, the more power they have.

Key Ingredient # 4: Center yourself

People can hit others ego easily, and the best option is to not react. When people using bully reaction, they are looking for different response. Gibson believes find a way to center in the negotiation is significant, which is the highest level of self-esteem.

“Whatever direction your enemy is coming from help them on their way”

Key Ingredient # 5: The 3rd space

Gibson believes negotiating is like a living organism. People are able to tell other parties’ characteristics and personalities. The unique space creates between people can identify the contrast and compliment of variety of personal and situational factors. Therefore, Gibson reflects all negotiation can be seen from personal appearance, non-verbal cues and body language, and physical settings.

Key Ingredient # 6: Have a questioning process

During the negotiation, Gibson shows there are 3 types of questions: open, close, and directing. Different situation will use different types of questions. It is important to start general and easy. However, young entrepreneurs should not leave the hard stuff until last. Instead, build into a succession of agreement by starting bad news and then lead to good news.

Key Ingredient # 7: Listen

The rule of thumb is to be a 70/30 listener. By observing the body language, such as breathing, eye movements, how they are leaning and change in tone, will signal the direction of the negotiation outcome.

“It is hard to listen our way out of a deal”

Key Ingredient # 8: Build an ultimate outcome

Young entrepreneurs should concentrate on all 5 senses: visual, auditory, kinesthetic, olfactory and gustatory. They should contrast it with BATNA. Moreover, young entrepreneurs are encouraged to say in other parties’ language and context of other’s interests.

Gibson believes goodwill only lasts for 3 minutes, so it is important to focus on what others value and use it to influence them. If young entrepreneurs can figure out what scares them earlier on, they can use it as advantage.

Tricks

Gibson shares a list of tricks that can help young entrepreneurs to identify the position they are in during the negotiation.

Overall, people are negotiating all the time. Gibson recommends young entrepreneurs to focus on others’ interests, have a BATNA, and remember it is all about awareness and preparation.

“Giving bad news on Monday and good news on Friday. Push when they pull, pull when they push”